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◆ Spread fixed at start of execution ◆ Canadian bank's second dollar covered within six months ◆ Strong supply in dollar covereds this week
◆ Issuer happy with tight spread ◆ Short-dated tenor helped, according to a banker ◆ Treasurer said HCOM may issue one mortgage covered next year
◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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Following its return to the senior bond market earlier this week, Greece’s Eurobank is working towards launching a green bond programme and refinancing its government-held tier two capital securities. -
Kommunalkredit was the first name to throw its hat into what bankers are expecting could be a busy week in FIG primary markets next week. The Austrian lender is set to syndicate its senior deal as a private company next week, with a covered bond refinancing set to follow later this year.
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“What gets measured gets managed,” goes an old saw popular in sustainable finance circles. If companies, investors and banks, the argument says, collect better environmental and social data, this knowledge will naturally breed improvements in performance.
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Structured transactions that transfer risk from banks’ balance sheets are set to grow in emerging markets as their financial systems become more sophisticated and lenders try to deal with losses caused by the Covid-19 pandemic. Multilateral development banks are playing a central role — they aim to stimulate private sector interest, even if sometimes investors resent their involvement. Jon Hay reports.
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Greek banks are making the most of exuberant conditions in the financial markets in 2021, with Eurobank spying a golden opportunity to return to the senior FIG bond market this week. The next milestone is the country’s first additional tier one and, having just breezed through an equity raise, Piraeus is a prime candidate to open the market. Frank Jackman and Sam Kerr report.
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Goldman Sachs found the optimal window to return to the Swiss market this week, as local investors turn towards established names with a bit more yield on offer.
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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